topic Re: Is Credit Karma score accurate? in General Credit Topics

Is Credit Karma score accurate?

Anonymous — Mon, 23 Dec 2013 04:43:52 GMT

Anyone have experience with Credit Karma? Is it a reliable score?

Re: Is Credit Karma score accurate?

Shogun — Mon, 23 Dec 2013 06:23:35 GMT

In a word? "NO". CK has it's use, it's good for monitoring accounts, but the score is useless. Why do I say that? Because you will not see a creditor approve nor deny you credit based on their score. I've seen my CK score over 100 points off of my FICO score. They use different criteria and methods of formulating scores.

Re: Is Credit Karma score accurate?

Anonymous — Mon, 23 Dec 2013 06:30:53 GMT

Dude, you started at a 504? How did you increase your score so much. And how long did it take you? You're my new hero!

Re: Is Credit Karma score accurate?

Shogun — Mon, 23 Dec 2013 06:37:09 GMT

Took me not quite 2 years. How'd I do it? This forum, working lots of overtime and a small case of OCD!

Re: Is Credit Karma score accurate?

Anonymous — Mon, 23 Dec 2013 06:50:34 GMT

What tips can you give me if I were you 2 years ago?

Re: Is Credit Karma score accurate?

Shogun — Mon, 23 Dec 2013 06:52:34 GMT

More than willing to give you my journey. It'll take me just a minute to type it, so hang on.

Re: Is Credit Karma score accurate?

Shogun — Mon, 23 Dec 2013 07:02:03 GMT

We decided to buy a house, but my credit was horrible. Wife took care of the bills and wasn't quite so dilligent at times. Plus, we had some rough spots that limited our resources. I took over the finances and made it my primary concern. So I came to this site, started lurking, then asking questions. Number one rule was that their would be no more baddies. I had to stop the bleeding before I could fix the problem. Below is my suggestion to you.

1. Pull your CRs from www.annualcreditreport.com. It's free, "federally mandated", don't buy the scores they're worthless. Now you want to go through each tradeline and mark what's good and what's bad.

2. What's good.... Keep it good!!! No missed payments!

3. What's bad.... Break this down to 2 different categories. Paid and unpaid.

Paid... This is where you start the GW process. I would send mine out about every 3 weeks. Looking for any names, address.. etc. that I could find. I had been told no several times, but eventually, I'd get someone to either give me a break, or just get rid of me and delete.

Unpaid... Here I started with PFDs, again, looking for names and addresses of anyone I thought could help. Usually a VP or Finance Officer. I would try a few times with this, then, if nothing was going anywhere, I'd pay/settle, then throw it in the paid category and start the GW process.

Now, there were a few that had improper listings that I had to go deeper into to get to delete, but this is the general idea.

I then got a small CC, started with GE Walmart and it snowballed from there.

Now I just garden and try to help those I can here. I have my new house, living within my means, "which is so much easier now".

Re: Is Credit Karma score accurate?

Anonymous — Mon, 23 Dec 2013 07:22:57 GMT

Wow Amazing. Thank you/. I'm new so I don't understand some of the language?

GE?

GW?

PFD?

Thank you again.

Re: Is Credit Karma score accurate?

myjourney — Mon, 23 Dec 2013 08:02:07 GMT

@Anonymous wrote:
Wow Amazing. Thank you/. I'm new so I don't understand some of the language?

GE? = GE money a division of general electric but will soon be sold (Lending for store cards)
GW? = Goodwill letters
PFD? = Pay for delete

Thank you again.

Welcome to the forum

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/m-p/224988?jump=true